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Zorea Capital
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Never Lose Money (in the Aggregate)
In a 1985 appearance on Adam Smith’s Money World: How to Pick Stocks & Get Rich, the great Warren Buffett said something that has subsequently become immortalized within value investment circles.
Aug 139 min read


Topicus.com (TOI.V) investment memo
Topicus.com (“TOI”) is a European-focused serial acquirer and operator of vertical market software (“VMS”) businesses.
Mar 2611 min read


Company interests vs customer interests: a lesson from cable
Last quarter a long-standing debate was settled in the cable and telecom industry[1]. The event was a reminder of a fundamental business principle: companies exist to serve those who sustain them – their customers. A company focused on serving its shareholders (at the expense of its customers) is no more than borrowing from the future. To the surprise of an astute businessperson, our statement is a controversial one in the public markets. After almost four years of strugglin
Jun 30, 20259 min read


The USA Inc Turnaround: Uncle Sam’s quest to climb out of a deep hole
A common sense explanation of why the government is looking to curtail spending and improve the trade balance.
Apr 7, 202511 min read
Nov 18, 20240 min read
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